The Beige Book, published eight times annually, compiles anecdotal information on current economic conditions from each Federal Reserve Bank's District. This data is gathered through reports from Bank and Branch directors, interviews with key business contacts, economists, market experts, and other sources.
Winchester, Virginia, is recognized for its blend of history, culture, and natural beauty, making it a popular destination for visitors and a vibrant community for its residents. Outdoor enthusiasts enjoy access to Shenandoah National Park, while history buffs can explore streets that changed hands between Union and Confederate forces during the Civil War.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated and identified as blocked property a dozen individuals and vessels involved in financing the Houthis' regional activities through Sa’id al-Jamal's network. The designations include Indonesia-based Malaysian and Singaporean national Mohammad Roslan Bin Ahmad, and China-based Chinese national Zhuang Liang, both of whom facilitated illicit shipments and engaged in money laundering for the network.
The childcare sector has long faced workforce challenges that affect working parents and the broader economy. With high turnover and constraints on supply fueled by how the industry is financed, providers often struggle to offer care that parents can access.
WASHINGTON – The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) have released a set of resources aimed at guiding financial services institutions on secure cloud adoption practices. This initiative results from a year-long collaboration between the Financial and Banking Information Infrastructure Committee (FBIIC) and the FSSCC.
Six federal regulatory agencies issued a final rule on July 17, 2024, aimed at ensuring the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. This action is pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule will implement quality control standards for automated valuation models (AVMs) utilized by mortgage originators and secondary market issuers.
Under Secretary for Terrorism and Financial Intelligence Brian Nelson delivered remarks at a beneficial ownership event in Columbus, Ohio, hosted by Representative Joyce Beatty. Nelson thanked Beatty for her efforts and acknowledged her comments during Secretary Yellen’s recent hearing.
Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) announced today that strategic partnerships comprising funds and accounts managed by their respective credit businesses have agreed to acquire a prime student loan portfolio from Discover Financial Services (NYSE: DFS) valued at approximately $10.1 billion.
Yesterday, Secretary of the Treasury Janet L. Yellen and Secretary of Energy Jennifer Granholm hosted a working dinner with CEOs of leading companies in the clean energy economy. During the meeting, Secretary Yellen, Secretary Granholm, and CEOs discussed the impact of President Biden’s Inflation Reduction Act, described as "the most significant climate law in history," which is driving private sector investments in American clean energy and creating new jobs across the nation.
The U.S. Department of the Treasury hosted a Transition Finance Dialogue with representatives from various financial institutions, civil society organizations, and other stakeholders to discuss how financial institutions can support or enable the net-zero transition. Secretary of the Treasury Janet L. Yellen and Ethan Zindler, Climate Counselor to the Secretary, emphasized Treasury’s recent efforts to encourage financial institutions and market participants to seize opportunities created by the shift to clean energy.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned three Mexican accountants and four Mexican companies linked to timeshare fraud led by the Cartel de Jalisco Nueva Generacion (CJNG). Concurrently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice, jointly with OFAC and the FBI, to financial institutions detailing timeshare fraud schemes in Mexico associated with CJNG and other transnational criminal organizations.
WASHINGTON – The United States and Australia hosted the Pacific Banking Forum from July 8-9 in Brisbane, Australia, to address the urgent issue of 'de-risking' and the decline of correspondent banking relationships (CBRs) in the Pacific. Initiated by President Joe Biden and Prime Minister Anthony Albanese, the Forum gathered Pacific Island Finance Ministers, Central Bank Governors, regulators, international financial institutions (IFIs), multilateral development banks, policymakers, Financial Intelligence Units, and commercial banks. Senior officials from the U.S., Australia,...
A recent report from the Federal Reserve Bank of Cleveland indicates that Black and Hispanic households often reside in neighborhoods with lower socio-economic status compared to white households with similar incomes. The study, titled "Neighborhood Sorting, Metros, and Tomorrow’s Labor Force," was conducted by researchers Daniel Carroll and Christopher J. Walker.
The Federal Reserve Bank of Richmond has announced several key officer appointments. Jeremy Caldwell has been named group vice president for capital and quantitative supervision in Supervision, Regulation and Credit, with responsibilities at the Richmond Fed and the Federal Reserve System. Caldwell joined the Richmond Fed in 2000 and has led the capital program in the Federal Reserve’s System Large Institution Supervision Coordinating Committee since 2017. Prior to his current role, he was the central point of contact for Bank of America. Caldwell earned a bachelor’s degree...
On Tuesday, July 16, Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki will participate in a beneficial ownership reporting outreach event in Columbus, Ohio, in partnership with Rep. Joyce Beatty (D-OH).
A recent working paper from the Federal Reserve Bank of Boston examines how liquidity risks can propagate through networks of financial institutions, particularly during times of crisis. The study, coauthored by Lina Lu, a senior financial economist at the Boston Fed, and published by the Bank’s Supervisory Research and Analysis group, focuses on the impact of liquidity shocks within interconnected banks.
On July 12, 2024, Secretary of the Treasury Janet L. Yellen delivered remarks at the Freedman’s Bank Summer Symposium. The event was attended by Deputy Secretary Wally Adeyemo and other colleagues.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced a significant milestone in their initiative to collect past-due tax debt from high-income, high-wealth individuals. This effort, enabled by resources from President Biden’s Inflation Reduction Act, has recovered over $1 billion to date.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Tren de Aragua, a Venezuela-based transnational criminal organization. The group is involved in various criminal activities across the Western Hemisphere, including human smuggling and trafficking, gender-based violence, money laundering, and illicit drug trafficking.
